National Sections of the L5I:

The Credit Crunch

Are western governments and big banks able to stop the recession?

Even looking back on them with a sense of perspective, the events in the autumn of 2008 remain remarkable. The world financial system faced outright collapse, central banks pumped in trillions to prop it up. Share and credit markets were infected with blind panic and banks were nationalised. The capitalist state had to step in to save capitalism from itself. Read more...

Irish workers must not pay for the recession!

The budgest is the latest attempt by Brian Cowen's increasingly unpopular government backed by the Green Party to make Irish workers pay for the recession. Minister of Finance Brian Lenihan called for an extra 2 billion euro to be raised in taxes and 1 billion euro cuts in public spending to deal with the crisis in public finances. Read more...

Downturn spreads to China

The third quarter of the year, July, August, September, should be the busiest time of the year for China's toy factories. That is when production reaches a peak so that the goods can be packed into the biggest container ships in the world in time for the Christmas markets in the US and Europe. But this year is different. Read more...

The Great Crash of 2008

After the biggest financial crisis since 1929 came the biggest ever bailout of the banks.It didn't work. Read more...

International Perspectives: The Crisis of Globalisation

International perspectives document passed by the International Executive Committee of the League Read more...

The Great Bank Crisis of 2008

The tropical storm of the global financial crisis became a hurricane in September, measured in bank collapses, plummeting stock markets, wholesale nationalisations, takeovers and desperate political gambits to rescue the system. Read more...

The Credit Crunch 2 - Three Days that Shook the World

Originally published September 2008
When British Chancellor Alistair Darling shocked the opposition parties and the market with his warning that the economic circumstances were "the worst for sixty years", he was accused of inducing panic. After three cataclysmic days for world capitalism, his comments are now viewed in a different light.All of a sudden journalists, commentators, company spokespersons, economists, are themselves talking about the biggest crisis since the war, or even since 1929. Read more...

Our analysis as the credit crunch developed

Chapter 1 of the book is made up of the following articles which were published as events developed. Read more...